WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. RATES FROM 45.3% APR TO 1575% APR FOR HELP, GO TO MONEYADVICESERVICE.ORG.UK

Online loans £50 To £2000

The Best Loans In Then Market

How much?

Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.

Why Choose MoneyFall

Quick and Easy Process to the money you need. The most reliable lenders from across all the UK

Loan amount
1,500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Excellent
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Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
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Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

Show More ▼

Loan amount
500 - 25,000
Loan term
1 - 5 Years
CUSTOMERSCORES
Gold Trusted Service - feefo
Apply Now

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Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Loans For Unemployed People On Benefits

While there are many jobs available, there are still people who are unemployed. This is not good news especially if there is no other source of income and he has a family to support. Living without a reliable earning makes life a little more challenging especially with the daily expenses and sudden bills; therefore, an immediate financial assistance is advantageous. Borrowing money from friends or families may help; however, using loans to resolve your monetary problem is more ideal.

Loans for unemployed people on benefits may sound surreal due to the fact that it is risky. Since the applicants have no source of stable income, repaying the loan sounds impossible. However, there are still lenders who are willing to grant the loan. If you’re one of those who has lost their job due to a physical or mental illness and you’re wondering how having this loan is possible, then this article is for you.

Loans For People On Benefits

First and foremost, the quick loan possible because of the change in the lender’s attitude. They have become more considerate and as long as there’s a way to settle the loan, they are willing to provide a decent amount. Loans for the unemployed on benefits offer a small amount, however, it is beneficial in covering other expenses, such as car repair, purchasing utility bills, or paying for a medical bill. In addition, it is easier to repay.

Meanwhile, the small amount reduces the risks on the lender’s side. Furthermore, most loans are offered on a secured basis, thus, the lenders can hold collateral – such as a car or a house – which will be used to secure the loan. In the event of the default, they have the right to put the property on the market and use the proceeds of the sale to compensate the loan. Nevertheless, the applicant should not see it as a risk; rather, a viable option that lessens their financial obligation.

Why Unemployed People On Benefits Are Accepted

Despite being very considerate, the lenders have thought about this special loan a lot. Therefore, they are not ignorant of the underlying danger. Although there is a chance for someone to default, it is lower because of their terms and conditions.

To be eligible, the applicant will be assessed. If he has been unemployed for several years, the chances of getting hired again are very slim. Therefore, this type of individuals is rejected. On the other hand, those who have been unemployed for six months or less have a higher chance of finding a job again. Therefore, quick cash loans can be offered. However, in the case of people on benefits, lenders may accept those who are receiving a regular public assistance, since this fund can be used as a regular source of income.

Loans for unemployed people on benefits are almost the same as student loans. The loan is offered to the student or the borrower in the hope that the user will graduate and gets a job, thus, having the means to settle the loan. Meanwhile, an unemployed people on benefits may not be able to work again but still, he has the means to compensate for the loan through the welfare benefits.

5 most recent personal loan reviews

Review of Bridge Finance

This is my second loan with Bridge Finance and both times they have been very helpful and informative. Explained everything to me and made sure I understood the process and what would happen. I would recommend Bridge to anyone.

Review posted by Charlotte Ashton

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wesleyan Bank

Wesleyan loans are a financial institute which is excellent for applying for loans. It looks at all your circumstances and provide loans to people who are refused elsewhere. They are fast and honest. I would recommend Wesleyan loans to anybody who needs a loan.

Review posted by Zafrullah Khan, Slough

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Logbook Loans

Really happy with my experience with Logbook. Most of the process was done online from the convenience of my own home. Really friendly customer services too! Highly recommended.

Review posted by Bethany Holcombe, Cirencester

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews are sourced from Trustpilot.com for authenticity.